It is our belief that our Educational / Schooling systems do not adequately if at all prepared our children for life in the real world. Everyday, they are bombarded with “BUY NOW - PAY LATER” marketing. PayMyParents has been developed to educate our kids from a young age using virtual - real life systems that form habits over a long period so that when you are no longer there to protect them, they stand a good chance of making educated decisions.
Part of the PayMyParents system is free access to Financial Wizards who offer sound financial advice and monetary skills. Our aim is to empower as many kids as possible to be financially independent at a cost that anyone can afford.
We all trust our children and want the best for them. The reality is, many (not all but most) children borrow money from their parents and because they are so familiar, the parents are the last ones to be repaid when money is a bit tight.
Some parents may not use PayMyParents the first time they loan money, but the next time, maybe a consolidation loan could be on the cards.
PLUS, the Education Factor needs to be considered as this is one of the most important elements of using PayMyParents.
Signing up grants you free lifetime access to all our financial resources and services.
The ONLY time a cost is incurred is if, or when, a loan is active, with the borrower paying a small fee on repayment transactions.
No. You can cancel anytime.
PayMyParents charges a small transaction fee on loan repayments. As a Lender, you may charge the Borrower interest but that is your decision and any interest is simply included in the total of each payment and not as a separate interest payment.
Completely up to you! The system has the ability to charge a "$5 default fee", however, you can opt out of this if you choose.
In the real world there are penalties associated with missing agreed terms and conditions. As we are trying to educate Australian's about real life experience, we think a $5 default fee is a great tool in teaching valuable live lessons.
Any default fees are added to the loan as charges at the end of the loan.
No. There is no minimum or maximum loan amount, and a loan can be for any reason (must be legal).
If a person is lending a large a large amount of money (for a house or car or other large value item), there are different loan documents with various terms for these types of loans.
The ability to charge interest is currently being built into the system. For now, you can add interest manually. For example, if you wish to loan someone $500 with 10% interest, simply create a loan in our system for $550 but only provide the Borrower with $500.
Yes. Many parents will be like us and have found the hard way that getting paid back is not easy. Using PayMyParents to consolidate an old loan and a new one could be a great way to have a third party manage those payments and get paid.
Alternatively, if you have previously borrowed money and not met all the payments but need to borrow more, PayMyParents is a great way to approach a prospective lender with a solid payment plan that might just get you over the line for another loan.
You have full access to see payments and loan amounts. When the loan is fully paid, PayMyParents will let all parties know and cancel any further payments and subscriptions. You will remain a member of the platform and retain access to all our financial resources and services.
You can stop using PayMyParents anytime. There are no exit or termination fees. Simply let us know and either you or PayMyParents will stop the payments.
Absolutely not. PayMyParents is designed to educate our children, not punish them. As the parent, you are the banker and it is your call how you react to a child defaulting on payments. PayMyParents does not and will not pursue legal avenues to recover a loan default.
Absolutely. PayMyParents was born from parent to child loans but now has developed to facilitate loans between any two parties. Family, friends, peers - anyone can use the PayMyParents platform to manage their loans.
The contracts are legally binding. They are written by our legal team but are really designed to educate our children to read contracts before entering into them, to understand what they read and to make educated decisions from this knowledge.
Both the parent and child have access to the members section showing all payments made, defaulted, upcoming payments etc.
Both parties will also receive email reminders when payments are upcoming and confirmations when they have been processed.
You can confidently lend money to as many children/people as you want. Only you and the relevant Borrower have access to the members section showing the loan amount and repayments for each specific loan. The operating system we use for this is the most secure system available.
Yes, there is absolutely no restriction on the number of loans you create in our system. And there is no extra cost involved in having more loans.
You may also be a Lender on one loan and a Borrower on another loan!
We care about your experience. Fill in your details & questions and we’ll contact you shortly.
We have an Internal Dispute Resolution process . If you have a complaint about our services, please contact us. We aim to resolve the majority of complaints within five (5) business days. If we believe it may take longer to resolve your complaint or to investigate the matter thoroughly, we will let you know and keep you informed of progress.
You can make a complaint in writing (letter or email) or verbally (telephone or personal representation). Your complaint will be referred to our complaints officer for response.
All details are current as of May 20th 2020. We publish minor changes on our website and periodically will update our policies.